Norfolk housing authority plans to buy PNC Bank building


When the Norfolk Redevelopment and Housing Authority buys a building, the big question is what is it planning to do with it?

John Kownack, NRHA executive director, said if all goes well the transaction to purchase the PNC Bank building at 555 E. Main St. should close March 2. The purchase price of $12 million includes a $100,000 credit for the cost of needed repairs.

Kownack explained the decision to buy the building came about strictly to reduce the authority’s debt and operating costs so it can continue to provide services to the community...

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